Inspire Medical Systems’ (INSP) Outperform Rating Reiterated at Royal Bank of Canada

Inspire Medical Systems (NYSE:INSP)‘s stock had its “outperform” rating restated by stock analysts at Royal Bank of Canada in a report released on Tuesday, Benzinga reports. They presently have a $260.00 price target on the stock. Royal Bank of Canada’s target price would suggest a potential upside of 31.77% from the stock’s current price.

INSP has been the topic of a number of other research reports. Robert W. Baird boosted their price objective on Inspire Medical Systems from $240.00 to $252.00 and gave the stock an “outperform” rating in a research note on Tuesday. Piper Sandler reissued an “overweight” rating and set a $260.00 price objective (up previously from $255.00) on shares of Inspire Medical Systems in a research note on Tuesday. Truist Financial reissued a “buy” rating and set a $240.00 price objective (up previously from $217.00) on shares of Inspire Medical Systems in a research note on Monday, September 30th. KeyCorp lowered their price objective on Inspire Medical Systems from $278.00 to $236.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 7th. Finally, Stifel Nicolaus reaffirmed a “hold” rating and issued a $200.00 price target (up previously from $170.00) on shares of Inspire Medical Systems in a research note on Tuesday. Four equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $227.75.

Inspire Medical Systems Stock Up 2.4 %

Shares of Inspire Medical Systems stock traded up $4.60 on Tuesday, reaching $197.31. The company’s stock had a trading volume of 783,592 shares, compared to its average volume of 595,968. The company has a market capitalization of $5.88 billion, a P/E ratio of 1,085.44 and a beta of 1.36. Inspire Medical Systems has a 52-week low of $123.00 and a 52-week high of $257.40. The stock has a 50-day moving average price of $201.15 and a 200-day moving average price of $179.93.

Inspire Medical Systems (NYSE:INSP) last issued its quarterly earnings results on Monday, November 4th. The company reported $0.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.06 by $0.54. The firm had revenue of $203.20 million for the quarter, compared to analyst estimates of $197.59 million. Inspire Medical Systems had a return on equity of 1.03% and a net margin of 0.85%. The business’s revenue was up 32.6% on a year-over-year basis. During the same period in the previous year, the company posted ($0.29) earnings per share. Sell-side analysts forecast that Inspire Medical Systems will post 0.75 earnings per share for the current fiscal year.

Insider Activity at Inspire Medical Systems

In related news, insider Randy Ban sold 4,861 shares of the business’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $188.55, for a total value of $916,541.55. Following the sale, the insider now owns 3,056 shares in the company, valued at approximately $576,208.80. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Inspire Medical Systems news, insider Randy Ban sold 4,861 shares of the company’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $188.55, for a total transaction of $916,541.55. Following the sale, the insider now owns 3,056 shares in the company, valued at $576,208.80. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Shawn Mccormick sold 800 shares of the company’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $220.00, for a total value of $176,000.00. Following the sale, the director now owns 23,140 shares in the company, valued at approximately $5,090,800. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,692 shares of company stock worth $1,099,207. 4.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Inspire Medical Systems

Several large investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp increased its holdings in Inspire Medical Systems by 32.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 787,815 shares of the company’s stock worth $105,433,000 after purchasing an additional 192,238 shares during the period. William Blair Investment Management LLC increased its holdings in shares of Inspire Medical Systems by 1.8% in the 2nd quarter. William Blair Investment Management LLC now owns 770,413 shares of the company’s stock valued at $103,104,000 after acquiring an additional 13,602 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Inspire Medical Systems by 51.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 459,766 shares of the company’s stock valued at $98,754,000 after acquiring an additional 156,893 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of Inspire Medical Systems by 798.3% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 267,852 shares of the company’s stock valued at $56,530,000 after acquiring an additional 238,034 shares during the last quarter. Finally, AQR Capital Management LLC increased its holdings in shares of Inspire Medical Systems by 152.7% in the 2nd quarter. AQR Capital Management LLC now owns 231,845 shares of the company’s stock valued at $31,028,000 after acquiring an additional 140,090 shares during the last quarter. Hedge funds and other institutional investors own 94.91% of the company’s stock.

About Inspire Medical Systems

Inspire Medical Systems, Inc, a medical technology company, focuses on the development and commercialization of minimally invasive solutions for patients with obstructive sleep apnea (OSA) in the United States and internationally. The company offers Inspire system, a neurostimulation technology that provides a safe and effective treatment for moderate to severe OSA.